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News

Banks Warned Over Missold Payment Protection Payouts

In the latest attack in the long battle over missold payment protection, the banks have been warned that they may have to pay out a huge £5bn in compensation to their customers who have been mis-sold the policies.

This news comes as a welcome revelation to the various consumers, who the Competition Commission have revealed may have been overcharged by a whopping £1.4bn a year since they started looking into the area of payment protection, which has the potential to be the worst financial scandal the UK has ever seen.

The news seems very timely given the £375 million that the US finances group Morgan Stanley put aside in case of future claims. However, the US company have warned that that the UK companies could end up taking a far bigger hit, with the five largest companies having to pay out potential billions in compensation.

The Financial Services Authority first introduced proposals in August for the banks to handle PPI complaints and ensure that they fairly redress the customers who had been missold payment protection.

However, the British banker’s association has been seeking a judicial review as to whether the FSA has the power to apply these new standards to what are deemed old sales.

It is estimated that there are still 12 million outstanding PPI policies, and that banks could incur over £400 million in administration costs alone whilst dealing with them.